Discuss, in scholarly detail, the main elements of strategy formulation.
Strategy formulation is a very important part of any business. Business strategy refers to a long term plan of action that is formulated by an organization to help them achieve the company's long term goals and objectives. In other words, business strategy is a management's game plan for strengthening the company's position in the market environment. It is used to guide the company's future so that the company abides by its mission and vision statements. The processes of business strategy formulation involve the elements discussed below:
Vision and mission formulation:
Mission and vision statements are used to guide the company's future and to identify its position in the market place. The role and objective of mission and vision statements is to make it clear to potential investors, company management, and employees about the organization values, its direction and its purpose. The mission and vision statement is a ...
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